In the last decade, the financial economy of India has experienced a significant and positive transformation. Citizens are approaching the financial future with hope and optimism. This information is in relation to the financial budget presented by Finance Minister Of India Nirmala Sitharaman.
India has witnessed a profound positive economic transformation over the last decade. People are looking to the future with hope and optimism.
When our government assumed office in 2014 under the visionary leadership of Honorable Prime Minister Modi, the country faced enormous challenges. Adopting ‘Sabka Saath, Sabka Vikas’ as its mantra, the government addressed these challenges in earnest. Structural reforms were undertaken, people-centric programs formulated and promptly implemented to create more employment and entrepreneurship opportunities.
This infused new vigor in the economy, with fruits of development reaching people at scale. In its second term, while strengthening the mantra to ‘Sabka Saath, Sabka Vikas, Sabka Vishwas’, the government furthered social and geographical inclusivity.
With ‘whole of nation’ approach of ‘Sabka Prayas’, India overcame the pandemic challenge, made strides towards self-reliance, committed to progressive principles and laid the foundation for a bright future. Our young country now harbors high aspirations, pride and hope. Based on its stellar performance, people are expected to bless the government again with a resounding mandate.
Inclusive Development and Growth
- Our approach to development is humane and inclusive, marking a deliberate departure from earlier ‘up-to-village’ provisioning. In the last decade, development programs have targeted each household and individual through ‘housing for all’, ‘har ghar jal’, electricity, cooking gas, bank accounts and financial services for all – in record time.
- Food security has been ensured through free ration for 80 crore people. Minimum support prices for farmers are regularly increased appropriately. Meeting basic necessities has raised real rural incomes, enabling people to address economic needs, spurring growth and job creation.
- The saturation approach of reaching every household has made development all-encompassing. Instead of village-level provisioning, targeting every home with basic necessities has enhanced incomes and welfare, creating a foundation for broader economic progress.
- Our government is pursuing all-encompassing, all-pervasive and inclusive development to build a ‘Viksit Bharat’ by 2047. This requires improving people’s capabilities and empowering them across castes and sections.
- For us, social justice is an effective governance model, not just a slogan. Our saturation approach aims to cover all eligible people and achieve comprehensive social justice. This upholds secularism, reduces corruption and prevents nepotism. There is transparency that benefits reach all intended recipients fairly. Systemic inequalities are being addressed by ensuring equal access to opportunities regardless of social standing.
- As our Prime Minister emphasizes, we must focus on the socio-economic transformation of four key groups – the low income people, women, youth and farmers. Their welfare is the highest priority as the country’s progress is linked to their empowerment and advancement. Government support enables their quest for better lives while driving national development.
Garib Kalyan, Desh ka Kalyan
- Empowering the low income people is key. Earlier entitlement-based approaches to poverty reduction had limited impact. When the low income people become empowered partners in development, the government’s ability to assist them also expands greatly.
- Pursuing ‘Sabka Saath’ over the past decade has enabled 25 crore people to break free of multidimensional poverty. The energy and passion of such empowered people is synergizing with government efforts for their upliftment.
- Direct Benefit Transfers of ₹34 lakh crore to PM-Jan Dhan accounts have led to savings of ₹2.7 lakh crore by plugging leakages. These savings are being channeled for welfare of the low income people.
- PM SVANidhi has provided credit access to 78 lakh street vendors, with 2.3 lakh receiving loans for the third time.
- Schemes like PM-JANMAN and PM-Vishwakarma Yojana focus on particularly vulnerable groups and artisan communities, ensuring inclusive development and reflecting the resolve to leave no one behind.
In conclusion, the Visionary FY 2024-2025 Budget outlines a transformative financial journey, focusing on inclusive progress for the low income, women, youth, and farmers. Presented by Finance Minister Nirmala Sitharaman, it marks a decade of economic empowerment and hope for India’s future.
Stay on this page, and we will discuss more details of the FY 2024-2025 budget later.